CourseCart.in (Mentor at SHAYVIDZ Academy) (3756 Points)
05 July 2010Intraday trades of Rs. 4crores in a year by an Individual...
whether tax audit u/s 44AB is required?
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9060 Points)
Replied 05 July 2010
consider profit and loss for calculation of 40 lakhs
Amir
(Learner)
(4016 Points)
Replied 05 July 2010
HI Bro,
In case of a day trader/speculator -
Para 5.11(a) of ICAI Guidance Note – sum total of differences, whether positive or negative
Eg- Profit = 40 Lacs
Loss = 25 Lacs
Net Profit = 15 Lacs
Tax Audit will be required since turnover in this case will be Rs. 40+25 = 65 Lacs
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 05 July 2010
Yes turnover in case of speculative transactions is the sum of positive and negative differences during the year and not the actual sale made during the year.
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
